This morning, I was reading a book on "Good Economics for Hard Times", written by two MIT professors Abhijit V. Banerjee and Esther Duflo.
I am not reading it in-depth however were looking over few chunks out of it.
It made me think about my daily routine, how I see things in financial perspective. If you see yourself and analyse by each hour, day, or monthly basis in terms of your expenses then you get know how slow earner we are and how expensive we are.
Obviously by now I have understood one thing in my life, you need multiple income sources to have all that you always dream!
I know very well you can live a low budget life too. For example someone might just argue, you need only single stable income. True. BUT, as you go on in your life, you start to experience big burden of expenses piling up on your shoulder. Whether it is commute expense, fuel, daily food, dates with your wife, school expenses of kids, their wishes, birthdays, car loans, home EMI, personal world tours and non ending stuff you name it. Things will always be boomerang and they will sometimes go ahead of your income.
This will never end up in financial stability, rather it will just keep you up to date with your 9 to 5 job, a small circle, with broken dreams and stuff.
So, a thought cam in; you need that Non-Ending Economic Circle. By definition literally means you should be able to tackle the satisfaction by means of scarce sources.
How one can have this satisfaction?
Well as far as I am thinking you get into the market and create multiple income sources. There should be flow of money your banks all the time. You should be thinking more about your plans rather than bending your plans according to your bank balance.
With the digital era, there are just so many ways to earn the money. If spoken about the crypto space then . .1) Crypto staking
2) Mining Farm (Very profitable if done properly)
3) Crypto Trading
4) Crypto Investment by HODL (More or less staking without fixed APY%)
5) Work at Forum
Apart from above list:1) Blogging
2) YT influencer
3) Social platform king e.g. Insta page, FB pages, Twitter (Promoters)
4) Digital Marketing
The Big BoyBe an entrepreneur or business owner of at least one stream of product that suits you. Moreover there is big platform to work as part time earner on amazon, medical writer, medical coder, flyer influencer and many more opportunities which can be availed with few course or based on your skills.
Has it occurred to you sometime you should have more income sources than just relying on single one?
Do you really believe in such economic circle where your income is unlimited and your expenses does not matter.
Basically if you want to grow your wealth over long periods of time it is best to follow what the richest are doing already. You'll find the vast majority of them are heavily invested in the stock market and property. Buying property is an extremely expensive business and usually the biggest asset someone will ever own, while it is definitely a great investment it is usually the rent saving that makes it worthwhile. Stocks are much more accessible these days and you can steadily add to them over time if you want to build up a reliable passive income stream. The trick is not to be too greedy and you need to accept that even medium risk companies will only make you 5-10% per year in dividends and capital appreciation.
